A reverse mortgage is a home-secured loan that can turn part of the equity you’ve built up in your house into funds you can use today, or a line of credit that will be there when you need it. Specifically designed for homeowners age 62+, it offers all the benefits of a traditional line of credit that you can get from a bank but with additional benefits — including a flexible repayment feature.
As with any mortgage, the title to the home remains in your name, not the lender’s. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance and keeping your home in good condition. (or good shape, or maintenance). At a minimum, to be eligible you must be 62 years of age or older; you must have a certain percentage of equity in the home; and the house must be your principal residence. For more information, visit our eligibility page.
A reverse mortgage is a great way to access your home's equity to supplement your income, establish a "rainy day fund" or meet a variety of other financial goals. And with its flexible repayment option, it offers homeowners greater control over their finances.
As with any home-secured loan (or mortgage), you must meet your loan obligations, keep current with property taxes, insurance, and maintenance.
The amount that is available generally depends on four factors:
By clicking "CALCULATE ELIGIBILITY", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-8490 to complete your request. You understand that you can revoke this consent at any time.
A reverse mortgage has certain advantages over other types of home equity-based loans. If the loan balance exceeds the value of your home when the loan is repaid, you and your heirs are not responsible to pay the excess. As long as you satisfy your loan obligations, which include maintaining your home, paying your real estate taxes, property insurance.
A reverse mortgage is a powerful financial tool that allows you to turn some of the equity in your home into funds you can use as you choose. Like a traditional mortgage, a reverse mortgage is a home-secured loan; but unlike a traditional mortgage it is specifically designed for homeowners age 62 and older. The process to obtain a reverse mortgage is simple; but it’s helpful to know what you can expect. Here’s a reverse mortgage roadmap to help you along the way.
If you’re a homeowner who’s at least 62 years old, with equity in your home, you may be eligible for this financial solution.
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